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  • Wanted & Recommendations

    Interest only residential mortgage

    Tried quite a lot of mtge brokers and no one can seem to get me an interest only mortgage on own home.

    I believe the following is enough for a mtge bkr to be able to get a mtge in principle.

    Male 56, no dependents, single. Absolutely top credit score. Last SA302 - £27500. All income from rental income. Home is £510,000 with no mortgage . No credit card or car loan debts. I want to raise £125,000 interest only on home to use as a BTL deposit.

    If you know you can get this, please message me. I'm not interested in filing out 30 page forms initially as I know mtge brokers can initially work with above info for now.  Thanks

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    I don't really see what the problem should be? Have you got an email address I can get in touch with you on? Maybe we need a quick chat to see where we stand.

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    Financial Consultant working with Property Tribes Financial Services.

    Always cover your debts, don't leave them for your loved ones to pick up. Ask me how - austyn@hdconsultants.net 

    I know HSBC require a £100k salary as a minimum for a interest only mortgage on a residence.

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    Hello

    It might be worth looking at Leek Building Society. Interest only residential mortgages (obviously you'll need to go through an Intermediary).

    1.79% variable for 2 years (their standard variable rate minus 3.40% discount).

    https://www.leekunited.co.uk/intermediar...rest-only/

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    David, the issue is a mortgage on your home means a regulated mortgage and lenders need to ensure you can make the payments including the repayment. Therefore you need a good strategy of how you are going to repay the mortgage.

    There are loads of lenders and being based in London, I see lots of borrowing needing interest only as the property prices are so high.

    Give me a call if you need help but as I said this should not be a problem per se just a relatively small hurdle to overcome.

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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022